SPGMI: Capital IQ Data (Topic)最新文献_第4页

A Simple Macrofiscal Model for Policy Analysis: An Application to Cambodia 一个用于政策分析的简单宏观财政模型:在柬埔寨的应用

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-09-01 DOI: 10.5089/9781513556857.001.A001

D. Baksa, Aleš Bulíř, Dyna Heng

引用次数: 7

Did the Recognition of Operating Leases Cause a Decline in Equity Valuations? 经营租赁的确认是否导致了股权估值的下降?

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-08-24 DOI: 10.2139/ssrn.3509373

Jonathan A. Milian, E. Lee

引用次数: 10

Credit Default Swaps and Corporate Debt Structure 信用违约互换和公司债务结构

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-08-12 DOI: 10.2139/ssrn.3170485

Yangyang Chen, W. Saffar, Chenyu Shan, Sarah Qian Wang

引用次数: 3

The VIX Index and Volatility-Based Global Indexes and Trading Instruments - A Guide to Investment and Trading Features 波动率指数和基于波动率的全球指数和交易工具-投资和交易功能指南

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-08-07 DOI: 10.2139/ssrn.3668983

M. Moran, Berlinda Liu

{"title":"The VIX Index and Volatility-Based Global Indexes and Trading Instruments - A Guide to Investment and Trading Features","authors":"M. Moran, Berlinda Liu","doi":"10.2139/ssrn.3668983","DOIUrl":"https://doi.org/10.2139/ssrn.3668983","url":null,"abstract":"During the past two decades, the Cboe Volatility Index (VIX® Index), a key measure of investor sentiment and 30-day future volatility expectations, has generated much investor attention because of its unique and powerful features. The introduction of VIX futures in 2004, VIX options in 2006, and other volatility-related trading instruments provided traders and investors access to exchange-traded vehicles for taking long and short exposures to expected S&P 500 Index volatility for a particular time frame. Certain VIX-related tradable products may provide benefits when used as tools for tail-risk hedging, diversification, risk management, or alpha generation. Gauges of expected stock market volatility for various regions include the VIX Index (United States), AXVI Index (Australia), VHSI Index (Hong Kong), NVIX Index (India) and VSTOXX Index (Europe). All five of these volatility indexes had negative correlations with their related stock indexes price movements, and all five volatility indexes rose more than 50% in 2008. Although the five volatility indexes are not investable, investors can explore VIX-based benchmark indexes that show the performance of hypothetical investment strategies using VIX futures or options. Before investing in volatility-related products, investors should closely study the pricing, roll cost, and volatility features of the tradable products and read the applicable prospectuses and risk disclosure statements.","PeriodicalId":375725,"journal":{"name":"SPGMI: Capital IQ Data (Topic)","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114881301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Corporate Social Responsibility and the Term Structure of CDS Spreads 企业社会责任与CDS价差期限结构

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-07-15 DOI: 10.2139/ssrn.3356165

Feng Gao, Yubin Li, Xinjie Wang, Z. Zhong

引用次数: 11

Manager Uncertainty and the Cross-Section of Stock Returns 经理人不确定性与股票收益横截面

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-07-15 DOI: 10.2139/ssrn.3654376

Tengfei Zhang

引用次数: 1

Measuring Corporate Culture Using Machine Learning 用机器学习衡量企业文化

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-06-28 DOI: 10.2139/SSRN.3256608

Kai Li, Feng Mai, R. Shen, Xinyan Yan

引用次数: 204

The Separation of Voting and Control: The Role of Contract in Corporate Governance 表决权与控制权的分离:契约在公司治理中的作用

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-06-28 DOI: 10.2139/ssrn.3637204

G. Rauterberg

{"title":"The Separation of Voting and Control: The Role of Contract in Corporate Governance","authors":"G. Rauterberg","doi":"10.2139/ssrn.3637204","DOIUrl":"https://doi.org/10.2139/ssrn.3637204","url":null,"abstract":"The default rules of corporate law make shareholders’ control rights a function of their voting power. Whether a director is elected or a merger is approved depends on how shareholders vote. Yet, in private corporations, shareholders routinely alter their rights by contract. This phenomenon of shareholder agreements—contracts among the owners of a firm—has received far less attention than it deserves, mainly because detailed data about the actual contents of shareholder agreements has been lacking. Private companies disclose little, and shareholder agreements are thought to play a trivial or nonexistent role in public companies. \u0000 \u0000I show that this is false—15% of corporations that go public in recent years do so subject to a shareholder agreement. With this dataset in hand, I show the dramatic extent to which these shareholders redefine their control rights by contract. Shareholders restrict the sale of shares and waive aspects of the duty of loyalty. Above all, however, shareholders use their agreements to bargain with each other over votes for directors, and to bargain with the corporation itself for other control rights, such as vetoes over major corporate actions. In essence, while statutory corporate law makes control rights a function of voting power, shareholder agreements make control rights a function of contract instead, separating voting and control. \u0000 \u0000Studying this phenomenon raises new questions of doctrine, theory, and empirics that go to foundational issues in corporate law. Is it desirable to let shareholders redesign corporate control rights wholesale by contract? What should be the law that governs their contracts when they do so? I provide a novel account of shareholder agreements’ use in public firms, before offering preliminary views on their welfare effects, implications for corporate theory, and on their governing law, which remains strikingly underdeveloped.","PeriodicalId":375725,"journal":{"name":"SPGMI: Capital IQ Data (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115067917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Asset Productivity, Local information Diffusion, and Commercial Real Estate Returns 资产生产率、地方信息扩散与商业地产收益

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-06-16 DOI: 10.2139/ssrn.3628872

David C. Ling, Chongyu Wang, Tingyu Zhou

{"title":"Asset Productivity, Local information Diffusion, and Commercial Real Estate Returns","authors":"David C. Ling, Chongyu Wang, Tingyu Zhou","doi":"10.2139/ssrn.3628872","DOIUrl":"https://doi.org/10.2139/ssrn.3628872","url":null,"abstract":"The geography of a firm’s assets is an important determinant of its investment decisions and productivity, which, in turn, drives stock returns. We construct a novel measure of the returns earned by private market investors in the metropolitan areas where each equity REIT owns properties. We then risk-adjust this geographically weighted proxy for each REIT’s property portfolio return (PPR) by regressing it against the sensitivity of the REIT’s returns to systematic risk factors. We find that this risk-adjusted property portfolio return (αPPR) predicts the cross-section of returns in the public REIT market, suggesting a slow diffusion of asset-level information into stock returns. Our findings also suggest it is the slow diffusion of information about “local” prices changes, not current rental income or local liquidity, that predicts REIT returns. Moreover, the αPPRs associated with REIT allocations to major “gateway” markets are more predictive of REIT returns than the property portfolio returns produced by allocations to secondary and tertiary markets. This study improves our understanding of the extent to which “local” information about the productivity of a firm’s assets is capitalized into stock prices and the speed at which it is capitalized. This study also contributes to the literature on the predictability of REIT returns and the relation between private and public CRE returns using firm-level, instead of index level, returns.","PeriodicalId":375725,"journal":{"name":"SPGMI: Capital IQ Data (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127083309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 21

Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn 风险投资在融资创新中的作用:我们知道什么以及我们还需要学习多少

SPGMI: Capital IQ Data (Topic) Pub Date : 2020-06-15 DOI: 10.2139/ssrn.3633054

Josh Lerner, Ramana Nanda

引用次数: 7